help! approval in principal

laura29982

Help i am a first time buyer buying a newbuild so no chain i have apllied for a mortgage with nationwide and have been approved in principal and my valuation fees have been paid and the valuation accepted does this mean that my mortgage has been approved or is there anything that might stop this from going through

kevinchapman82

It will still be subject to confirmation of all the information entered on the agreement in principle (by bank statements, payslips, etc.) and sign off by an underwriter. But if your broker knows what they are doing, neither of these should cause a problem.

SirSaverOBE

Hello!

I would be very grateful for some advice. My wife and I are now looking to buy our first house, and will be looking to get an Agreement In Principle in a couple of months time.

FIRST QUESTION: I have worked like billy-o to pay my debts off but still have a bit of a loan that I pay off each month, which doesn't seem to have too much of an impact on the loan calculators of various bank's websites - BUT -

- BIG BUT - I still have an overdraft of £1500. How do lenders treat overdrafts? With credit card balances, it's easy, as they dock the amount they lend according to the balance you owe and monthly payments on that balance. My overdraft is partly interest free and costs me next to nowt. Will they treat this as credit as they do with cards?

ALSO - do they do a full credit check and the check of your statements, payslips, credit etc. when you do an AIP or do they wait until you get the formal offer?

Any advice gratefully received!

Sir Saver OBE